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CBSE Class 10 Answered

Why is US dollar taken as the standard cureency
Asked by Panigrahiaditya05 | 06 Dec, 2022, 12:13: PM
Expert Answer
There are various political and economic reasons as to why US dollar is considered as a standard currency. 
Before World War II, all global currencies were backed by gold and each government guaranteed that its money was good for a certain amount of gold. Then, the Bretton Woods agreement of 1944, which created the World Bank and the International Monetary Fund, and also established the U.S. dollar as the new gold. (The U.S. held most of the world's gold supply.) In post world war II era, America continued to dominate the global markets.
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